- ISIN
- US6537401001
- CUSIP
- 653740100
- Issuer
- Nicholas
- Inception Date
- Oct 17, 1983
- Category
- Mid Cap Growth Equities
- Min. Investment
- $100,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
NCTWX Performance Chart
Nicholas II Fund (NCTWX) is up 5.9% since the beginning of the year. NCTWX is currently trading at $31 per share. Investors who bought $1,000 worth of NCTWX shares 5 years ago would now be looking at an investment worth $1,142.
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Returns By Period
Nicholas II Fund (NCTWX) has returned 5.91% so far this year and 3.38% over the past 12 months. Over the last ten years, NCTWX has returned 9.76% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Nicholas II Fund
- 1D
- -0.42%
- 1M
- 2.38%
- 6M
- 4.02%
- YTD
- 5.91%
- 1Y
- 3.38%
- 3Y*
- 5.49%
- 5Y*
- 2.70%
- 10Y*
- 9.76%
- ALL TIME*
- 9.92%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
NCTWX Monthly Returns History
Based on dividend-adjusted daily data since Oct 17, 1983, NCTWX's average daily return is +0.04%, while the average monthly return is +0.89%. At this rate, an investment would double in approximately 6.5 years.
Historically, 63% of months were positive and 37% were negative. The best month was Oct 2011 with a return of +13.3%, while the worst month was Oct 1987 at -26.6%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, NCTWX closed higher 51% of trading days. The best single day was Mar 24, 2020 with a return of +9.9%, while the worst single day was Oct 22, 1987 at -11.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.81% | -1.34% | -8.19% | 3.92% | 2.89% | 3.53% | 3.75% | 5.91% | |||||
| 2025 | 5.53% | -4.10% | -5.28% | -0.69% | 4.26% | 2.48% | 0.80% | -0.62% | -1.21% | -2.15% | -0.03% | 0.26% | -1.27% |
| 2024 | 0.09% | 5.70% | 2.36% | -6.68% | 0.81% | 0.99% | 2.52% | 0.55% | 1.41% | -0.71% | 7.17% | -6.74% | 6.74% |
| 2023 | 7.01% | -2.14% | 0.90% | -1.75% | 0.24% | 7.15% | 2.21% | -2.26% | -4.76% | -5.17% | 9.78% | 8.54% | 19.89% |
| 2022 | -8.22% | -0.81% | 2.11% | -7.70% | -2.00% | -6.40% | 9.10% | -3.24% | -8.00% | 6.89% | 5.22% | -4.65% | -18.03% |
| 2021 | -1.08% | 2.91% | 3.17% | 6.15% | -0.37% | 1.71% | 3.28% | 2.53% | -4.69% | 5.03% | -3.17% | 4.84% | 21.58% |
Benchmark Metrics
Nicholas II Fund has an annualized alpha of 2.69%, beta of 0.79, and R2 of 0.71 versus S&P 500 Index. Calculated based on daily prices since October 17, 1983.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (93.17%) than losses (89.50%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 2.69% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Alpha
- 2.69%
- Beta
- 0.79
- R²
- 0.71
- Upside Capture
- 93.17%
- Downside Capture
- 89.50%
Expense Ratio
NCTWX has an expense ratio of 0.59%, placing it in the medium range.
Return for Risk
Risk / Return Rank
NCTWX ranks 5 for risk / return — above 5% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Nicholas II Fund (NCTWX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NCTWX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.25 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 2.00 | -1.95 |
| Martin ratioReturn relative to average drawdown | 0.13 | 8.49 | -8.36 |
Dividends
Dividend History
Nicholas II Fund provided a 11.74% dividend yield over the last twelve months, with an annual payout of $3.64 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $3.64 | $3.64 | $1.73 | $0.24 | $1.08 | $3.44 | $1.20 | $3.22 | $2.94 | $3.05 | $1.25 | $1.57 |
Dividend yield | 11.74% | 12.43% | 5.21% | 0.72% | 3.92% | 9.86% | 3.79% | 11.36% | 12.57% | 11.02% | 5.11% | 6.40% |
Monthly Dividends
The table displays the monthly dividend distributions for Nicholas II Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.64 | $3.64 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.73 | $1.73 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.24 | $0.24 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.08 | $1.08 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.44 | $3.44 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Nicholas II Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Nicholas II Fund was 46.46%, occurring on Nov 20, 2008. Recovery took 511 trading sessions.
The current Nicholas II Fund drawdown is 2.83%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-46.46%Nov 2008 | 1y 4mo | 2y 12d | 3y 4moJul 2007 - Dec 2010 | Financial crisis2007–2009 |
-36.63%Oct 2002 | 4y 2mo | 1y 4mo | 5y 6moJul 1998 - Feb 2004 | Dot-com crash2000–2002 |
-36.61%Mar 2020 | 1mo 1d | 5mo 13d | 6mo 14dFeb 2020 - Sep 2020 | COVID crash2020 |
-33.09%Oct 1987 | 2mo 1d | 1y 7mo | 1y 9moAug 1987 - Jun 1989 | Black Monday1987 |
-25.89%Jun 2022 | 7mo 1d | 1y 7mo | 2y 2moNov 2021 - Feb 2024 | Bear market2022 |
Drawdown Indicators
| NCTWX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.46% | -56.78% | +10.32% |
Max Drawdown (1Y)Largest decline over 1 year | -14.83% | -9.10% | -5.73% |
Max Drawdown (3Y)Largest decline over 3 years | -20.63% | -18.90% | -1.73% |
Max Drawdown (5Y)Largest decline over 5 years | -25.89% | -25.43% | -0.46% |
Max Drawdown (10Y)Largest decline over 10 years | -36.61% | -33.92% | -2.69% |
Current DrawdownCurrent decline from peak | -2.83% | -1.58% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -6.89% | -10.70% | +3.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.07% | 2.14% | +3.93% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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